Flex Space Building Zoned Light
For Sale
$725,000
125 S Westplex Avenue, Bloomington, IN 47404
COMMERCIAL, Bloomington, IN
Property Size8,500 SF
Lot Size0.51 Acres
Price / SF$85.29
Days on Market551
Property Features for 125 S Westplex Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Garage
Subdivision
Southwest Bloomington City
Directions
W 3rd just west of Patterson to Westplex. North to 125 S Westplex.
Standard status
Active
APN
53-05-32-310-011.000-005
Lot size
0.51 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
013-53450-06 WESTPLEX PARK LOT 7 & PT LOT 6
Tax Annual Amount
13239
Legal Description
013-53450-06 WESTPLEX PARK LOT 7 & PT LOT 6
Utilities
Cooling system
Central Air
Building Details
Year built
1997
Flooring type
Wood, Finished, Concrete, Carpet
Roof type
Asphalt
Listing Agency:
Realty Professionals · RE/MAX International
(812) 650-3600
Listed By:
Jim Regester · License #RB14012351
(812) 322-4446
Added: Feb 17, 2025
Changed: Aug 19
Last Checked: Aug 22 at 6:06PM
MLS# 202504964
Copyright © 2026 Indiana Uplands Realtor® Association. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex space offers light industrial zoning with approximately 6,000 SF of production/shop area and 2,500+/- SF of office space. The building totals 8,500 SF and includes a mix of flooring types, including concrete, wood, carpet, and finished surfaces. Central air and an asphalt roof support day-to-day operations, and garage parking is available. The property was built in 1997.
Located at 125 S Westplex Avenue in Bloomington, IN, the site sits near the westside, about 1.5 miles from I-69 and 1 mile from Downtown Bloomington. The property is currently leased to a long-term tenant through June 25th, 2027, with no options to renew.
Located at 125 S Westplex Avenue in Bloomington, IN, the site sits near the westside, about 1.5 miles from I-69 and 1 mile from Downtown Bloomington. The property is currently leased to a long-term tenant through June 25th, 2027, with no options to renew.
Key Highlights
- Zoned light industrial with 6,000 SF production/shop area
- 8,500 SF total flex space with 2,500+/- SF office area
- Leased to a long‑term tenant through June 25th, 2027 with no options to renew
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$50,258
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,005,160
$1.0M
Cap Rate 7%
$717,971
$718.0K
Cap Rate 9%
$558,422
$558.4K
Market Conditions
NOI Build-Up for 8,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$80.6K $9.48/SF
− Vacancy
−$8.8K −$1.03/SF
EGI
$71.8K $8.45/SF
− OpEx
−$21.5K −$2.53/SF
NOI
$50.3K $5.91/SF
Area
Monroe County, IN
Vacancy
10.90%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,005,160
Cap Rate 7%
$717,971
Cap Rate 9%
$558,422
Alternative Uses
Best Use
Flex RnD
$1.09M
$953.1K – $1.27M
NOI $76,245 @ 7.0% cap · market cap 10.52%
Second Best
Industrial
$718.0K
$628.2K – $837.6K
NOI $50,258 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$1.66M
$1.45M – $1.94M
NOI $116,285 @ 7.0% cap · market cap 16.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
980
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 47404, IN
23,799
Population
12,101
Households
2
Avg Household Size
33
Median Age
43%
College-Educated
95%
High-School Grad
52.6 sq mi
ZIP Area
452
Density / Sq Mi
$54,674
Median Household Income
$36,725
Median Earnings
$1,159
Median Rent
$243,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Flex space with light industrial zoning, including production/shop space and office area, currently leased through June 2027.
Where is this flex space located?
The property is located at 125 S Westplex Avenue Bloomington, IN.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Zoned light industrial with 6,000 SF production/shop area; 8,500 SF total flex space with 2,500+/- SF office area; Leased to a long‑term tenant through June 25th, 2027 with no options to renew
